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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age

    Rocky
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    • Post n°1

    Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age Empty Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok age

    Post by Rocky Tue 03 Dec 2024, 4:09 am

    Concerns about financial and economic risks.. Reasons for stopping financial transfers to TikTok agents
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    Baghdad Today - Baghdad
    Today, Tuesday (December 3, 2024), the economic and financial affairs specialist, Nawar Al-Saadi, revealed the reasons for stopping financial transfers to TikTok agents inside Iraq.
    Al-Saadi said in an interview with Baghdad Today that "the decision of the Central Bank of Iraq to stop incoming and outgoing financial transfers to TikTok agents inside Iraq came as a result of concerns related to financial and economic risks, especially since the recent moves are related to the bank's efforts to enhance compliance with anti-money laundering and terrorist financing regulations, and therefore it is natural that this step is in line with international recommendations such as the recommendations of the Financial Action Task Force (FATF), which aim to enhance the integrity of the international financial system and combat illegal financial activities."
    He explained that "it is likely that these transfers are linked to suspicions of money laundering or currency smuggling, especially since these issues are currently receiving the attention of the Iraqi government, in light of Iraq's attempts to improve its international reputation after its name was removed from the European Union's list of high-risk countries. Therefore, the Central Bank seeks to maintain the stability of the financial system and prevent any illegal exploitation of financial institutions."
    Al-Saadi added, "As for the economic impact, although this step aims to protect the national economy, it may negatively affect the e-commerce sector and the digital business environment within Iraq, especially in light of the expanding use of digital platforms as a source of income for many categories of young people. If these measures are not accompanied by plans to compensate those affected or support the digital economy, it may lead to a decline in confidence in the use of electronic financial services in Iraq."
    Last Sunday, the Central Bank of Iraq directed the suspension of financial transfers to TikTok agents inside the country,  based on a letter from the Iraqi Ministry of Communications. According to this request, the Central Bank directed all licensed banks and non-banking institutions in Iraq to “stop incoming and outgoing financial transfers to TikTok agents inside Iraq.”
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